How to model a fluid like object without particle system or fluid simulation
You could try using a displacement modifier with a texture.  

I tried using a clouds texture and a stucci texture, which came up with a decent result. Didn't look to much like the image, but if you have a better base mesh, and just keep messing around with adding more textures, and adjusting size and strength, you should be able to come up with a good answer.

p.s. you need to add another displacement modifier for each new texture you add.